Nirma completes acquisition of 75% stake in Glenmark Life Sciences

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Chairman and managing director of Glenmark Glenn Saldanha


Indian conglomerate Nirma on Tuesday said it had completed the acquisition of a 75 per cent stake in Glenmark Life Sciences (GLS), a manufacturer of active pharmaceutical ingredients (APIs).

 

The acquisition strengthens Nirma’s presence in the pharmaceuticals and life sciences sector. Under the terms of the share purchase agreement, Nirma acquired 91.9 million equity shares, making it the promoter of GLS. The acquisition involved 75 per cent of the current issued and paid-up equity share capital of GLS from Glenmark Pharmaceuticals.


Hiren Karsanbhai Patel, managing director, Nirma, said the acquisition aligned with their strategic objective to expand presence in the pharmaceutical and life sciences industry. “We are committed to leveraging our resources and expertise to drive sustainable long-term value for our stakeholders,” Patel added.


Welcoming Nirma as the company’s new promoter, Yasir Rawjee, managing director and chief executive officer, GLS, said Nirma’s commitment and purpose will “further strengthen our position and accelerate our growth trajectory”.

 


GLS is a leading developer and manufacturer of select, high-value, non-commoditised active pharmaceutical ingredients. The company’s portfolio of 146 molecules caters to chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management, and diabetes.

First Published: Mar 12 2024 | 10:14 PM IST